These ASX shares are under pressure on Tuesday…
The post Why Chalice Mining, EML Payments, Mineral Resources, and South32 shares are tumbling appeared first on The Motley Fool Australia. –
In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 2% to 7,323.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 10% to $6.37. Investors have been selling this mineral exploration company’s shares amid broad weakness in the resources sector due to softening commodity prices and the release of its quarterly update. The latter spoke about delays to the commencement of off-track drilling in the Julimar State Forest.
EML Payments Ltd (ASX: EML)
The EML Payments share price is down a massive 38% to $1.67. This follows the release of a trading update this morning which revealed that the payments company has downgraded its earnings guidance. This followed a tough third quarter, which saw EML report a 22% decline in underlying net profit after tax and amortisation.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price is down 9.5% to $54.94. As well as the aforementioned weakness in the resources sector, this morning Mineral Resources announced plans to raise US$1 billion. The mining and mining services company will raise the funds via a senior unsecured notes offering. Mineral Resources intends to use the cash proceeds from the offering for general corporate purposes, including for capital expenditures.
South32 Ltd (ASX: S32)
The South32 share price has sunk 7.5% to $4.47. This follows the release of the mining giant’s quarterly update, which appears to have fallen short of expectations. South32 also revealed an increase to its operating unit cost guidance for FY 2022 due partly to inflated input costs.
The post Why Chalice Mining, EML Payments, Mineral Resources, and South32 shares are tumbling appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
South32 share price sinks 8% amid rising cost guidance
Why is the Mineral Resources share price sinking 9% today?
ASX 200 stocks dive 2.4% in worst trading day since Ukraine crisis hit
EML share price crashes 35% amid guidance cuts
5 things to watch on the ASX 200 on Tuesday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended EML Payments. The Motley Fool Australia owns and has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
